Open an account with a Swedish Payment Service Provider (PSP) and cooperate freely with companies from Sweden and all other European states. This is an optimal solution for a crypto business especially if you have troubles setting up an account with a traditional bank. Below you can learn about the terms and conditions of establishing a corporate account with the Swedish PSP as well as numerous advantages of doing so. Our professional support will make this task easy to perform.

Swedish payment systems

In order to set up an account in a Swedish bank a private individual has to acquire a local tax identification number first. A legal entity has to submit a large number of documents that prove that the business is legal. Without such documents, the bank will not even consider your application for services. Even if they do, there is no guarantee at all that a non-resident will be able to become a client of a bank stationed in Sweden. The situation with the Swedish PSP’s is totally different, however: it is much easier to open an account there.

Why would a foreigner need an account with a Swedish payment system? Over the recent years, Sweden has almost completely abandoned the use of cash. Today, making a cash payment even for basic goods and services is problematic in the country. Instead, pay cards and mobile applications are widely used for payments in Sweden.

The Swedish banking system is among the most stable ones in the world. The Central Bank of Sweden (Sveriges Riksbank) is one of the largest and the oldest banks in Europe. It was the first bank in the region to put paper banknotes into circulation in 1661 and it has also initiated the abandonment of cash in the modern times. Cash payments constitute only 2% of all payments in the Sweden of today. Even the largest banks in the country are reluctant to deal with notes and coins.

Thus, having a bank account is imperative if you want to do business in Sweden. But what can you do if you are unable to set up an account with a Swedish bank or if you have to wait for ages until the due diligence checks are over? A clever thing to do is open a non-resident corporate account with a Swedish PSP. This solution is perfectly secure as the PSP’s act under the supervision of the Swedish financial regulator Finansinspektionen. All their activities comply with Electronic Money Act of 2011.

Who can open an account with the Swedish PSP

Any adult businessperson who submits the required documents can open a non-resident corporate account with the payment system in Sweden that we are promoting. One of the account signers has to be the company director or an officer legally authorized to act on behalf of the company and sign the payment documents. It is important to remember that in case a new person is assigned signatory powers, the PSP administration has to be notified about it in advance, as it will have to make the corresponding adjustments.

We invite you to consider the opportunity to open an account in Sweden with a dedicated Swedish IBAN. You can use this account to make transactions and currency exchange operations.

The account will suit the following purposes:

Making and receiving payments in fiat currencies;

Buying and selling cryptocurrencies;

Receiving payments from both legal and private entities.

Restricted countries

When opening an account with the Swedish PSP, the essential condition is that you should not violate any regulations effective in your home country. That is, establishing an account in Sweden must be allowed by your home country laws. In case the Swedish PSP incurs some losses due to the violation of this requirement, you will be obliged to compensate for them.

In addition to that, individuals and companies registered in high-risk and non-cooperating jurisdictions, as determined by the OECD Financial Action Task Force (FATF), are unable to acquire services from the Swedish PSP. The payment system reserves the right to freeze the transactions to and from such jurisdictions as well as block the electronic wallets that are used for these purposes. Making transactions within EEA (European Economic Area) is fine though.

Restrictions on the company activity types

The Swedish PSP will deny services to the companies that intend to use the account for the following purposes:

Non-commercial deals;

Speculations in the currency exchange markets;

Crediting the account as its primary use;

Provision of correspondent bank services.

Currently, only EU-registered companies can become the PSP clients. This includes companies licensed to perform cryptocurrency operations.

When establishing a corporate account with the Swedish PSP, you have to guarantee that neither your company nor its partners deal in the following types of illegal activities:

Fraud;

Money laundering;

Terrorism financing;

Any other types of activities that are explicitly prohibited by your home country legislation.

Services will also not be provided to companies dealing in illegal drugs, steroids, controlled substances, or other products that are potentially dangerous to the consumers. Any illegal types of activities are strictly prohibited.

Important: If your business qualifies as a high-risk one for the banks, it will not necessarily qualify as such for the Swedish PSP. If it does though, please ask for our advice. We may be able to offer a less demanding payment system to you.

A corporate account with the Swedish PSP for a non-resident of Sweden: terms and conditions

In order to gain access to the PSP services you will have to submit all the documents required for client identification. If you intend to submit the personal data of a person other than yourself, you have to obtain his or her legal permission to do so. When applying for services to the Swedish PSP you have to acquaint yourself with all the requirements made to the prospective clients.

Transaction currencies

The national currency in Sweden is the Swedish krona (SEK). The country is not planning to adopt the euro thus far; however, euros are often accepted in tourist locations. In addition to the krona, transactions in the following national currencies are possible with the Swedish PSP:

EUR;

USD;

GBP;

DKK (Danish krone);

NOK (Norwegian krone).

Types of accounts

The Swedish payment system will open an account for a non-resident client that is called an ‘electronic wallet’. The account holder has to follow certain rules in order not to become suspected of some fraudulent activities.

The money can be transferred to the electronic wallet account in several different ways:

A bank transfer from within SEPA zone;

A transfer from a credit card;

By use of an application of the Swish type.

You can use your account with the Swedish PSP to transfer money to anyone who has an IBAN account. When you have initiated a transaction, you cannot cancel it anymore. If there is not enough money in your electronic wallet to perform the transaction, the PSP will bear no responsibility for completing the transaction. The transaction request can be declined in case the recipient account details do not coincide with those that you have provided. If this is the case, the administrative fee, if any, will be charged even if the money does not reach the recipient.

You can close your electronic wallet at any time by initiating the corresponding procedure. The exception is the situation when your activities are being legally prosecuted. In this case, the PSP will deny closing the account until the investigations are over. When the wallet is closed, the remaining balance will normally be transferred to the account indicated by the client.

If the account has been inactive for two years, the PSP reserves the right to close it at its own discretion. The information about the account closure will be sent to the client’s e-mail address. If the client provides no instructions within a reasonable timeframe, the remaining balance will be deposited with the Administrative Counsel of Stockholm county, Sweden.

Bankcard types

The Swedish PSP does not issue its own bankcards. You can transfer the money from your electronic wallet to any kind of debit or credit card that you have.

For you information: According to VISA report, Swedes use plastic cards for payments three times more often than Europeans do on average.

PSP tariffs

You can manage your account remotely and add funds in case balance deficit occurs. Otherwise, the PSP management can use the funds on your additional accounts to cover the deficit in any currency at the interbank exchange rate effective on the day.

Major account maintenance tariffs:

Commission

EUR

USD

GBP

SEK

DKK

NOK

Account activation fee

€ 220

$ 255

£ 195

2,300 kr

1,650 kr

2,200 kr

Express activation (48 hours)

€ 860

$ 980

£ 760

8,900 kr

6,450 kr

8,200 kr

Monthly maintenance fee

€ 25

$ 32

£ 25

260 kr

190 kr

240 kr

If you perform a transaction that involves currency exchange, the exchange rate will be determined by the payment system. The applied conversion rates are based upon the current interbank exchange rates that are regularly adjusted. If an imprecise payment involving currency conversion is made, all the responsibility lies with the client including the liability for possible losses.

Transaction fees:

Transaction amount

EUR

USD

GBP

SEK

DKK

NOK

€ 1 — 1000

€ 2

$ 3

£ 2

22 kr

16 kr

20 kr

€ 1 001 — 5000

€ 5

$ 7

£ 5

55 kr

40 kr

50 kr

€ 5 001 — 25 000

€ 15

$ 20

£ 15

160 kr

120 kr

150 kr

€ 25 001 — 100 000

€ 25

$ 32

£ 25

260 kr

190 kr

240 kr

€ 100 001 — 500 000

€ 45

$ 55

£ 40

470 kr

340 kr

430 kr

€ 500 000 +

€ 100

$ 115

90 £

1,040 kr

750 kr

960 kr

Interbank exchange rate (if applicable)

+ 1,25%

+ 1,25%

+ 1,25%

+ 1,65%

+ 1,65%

+ 1,65%

Important: Depending on the volume of transactions, the transaction fees are subject to individual agreements.

How to open an account with the Swedish payment system

A non-resident applicant has to submit all the required documents and personal information in order to establish a corporate account with the Swedish PSP. Its Compliance Department will inspect the application documents and identify the prospective client. Besides, it will examine the company business activities. In this connection, additional identification documents may be requested as well as some confirmations of the legality of the company business operations. This kind of scrupulous application examination is required to prevent possible fraudulent use of the payment system.

The service of opening a corporate account with the Swedish PSP for your non-resident company

We will gladly assist you in acquiring a PSP account with a Swedish IBAN. The process will consist of the following steps:

Acquiring a preapproval from the Swedish PSP – 1,999 EUR. A preapproval gives no guarantee that the account will be opened. However, having your application preapproved is good news anyway. It means that you stand a good chance to become the PSP client.

Filing an application for account opening. We recommend passing on to this stage only when your application has been preapproved. The price of this service is 15,000 EUR. However, on the condition that you cover its cost within three days after obtaining the preapproval, the preapproval acquisition price will be included in the overall service price. Thus, you will have to pay 13,000 EUR instead of 15,000 EUR for account opening.

In order to collect all the necessary documents and successfully pass the identification procedure you have to take into account some nuances that you might not be able to predict. We have been cooperating with the Swedish PSP that we are advertising here for quite a long time and we know the exact requirements that have to be met when applying for their services. With our assistance, you can make the process of establishing an IBAN account in Sweden as fast as it can only be. In addition, we will help you use all the possibilities that the payment system offers, which are numerous indeed. This would be an especially good solution if your business in involved with cryptocurrencies in this or that way.

The procedure of opening a corporate account in Sweden with our professional assistance

To swiftly open a non-resident corporate account with the Swedish PSP please contact our specialists. Our e-mail address is info@offshore-pro.info.

Prepare the full package of application documents and have the copies or translations legalized if necessary.

Please note: All the application documents need to be written in English. If any of the corporate documents such as the Registration Certificate, for instance, are made in another national language, they have to be translated by a sworn translator and the translations apostilled.

The application document package for opening an account with the Swedish PSP

It is crucially important to supply actual contact information. In the process of considering your application, the PSP managers may want to contact you via phone or e-mail at any time. If any contact details change in the middle of the way, please notify the PSP administration immediately.

In order to set up an account with the Swedish PSP you have to fill out an online application form and send scan copies of all the required documents. In addition, you have to go through the client identification procedure. The standard package of corporate documents is usually required. The documents have to be less than twelve months old. In case any additional documents are needed, you will be notified about it after the preapproval stage.

Documents normally required:

An extract from the Company Registry (registration or incorporation certificate, etc.).

Company by-laws.

Passport copy for the company director/ authorized person who will manage the account.

Power of attorney if the account is opened via a trusted agent.

Documents confirming the company economic activities.

A copy of tax declaration (or other similar document) for the previous year.

A description of the company ownership structure and information about its beneficiaries.

Permit of license required for conducting the business activities (a crypto business must necessarily have a license).

The terms of opening a corporate account with the Swedish payment system

In order to open a business account for a non-resident company in Sweden its director or CEO has to undergo the identification procedure first of all. Besides, the applicant’s telephone number and e-mail address has to be confirmed before the PSP administration can proceed with the application documents examination. When your application for services with the Swedish PSP is approved, the account will be opened within a very short timeframe.

If you are interested in the services that we are offering here, please contact us via e-mail info@offshore-pro.info. If you wish to clarify certain issues before applying for our services, please use the same address without hesitation.

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IMPORTANT LEGAL NOTICE: Offshore Pro Group offers a professional service for international individuals and companies which includes analyzing your banking needs, recommending the best international banks and card issuers for you, and helping you complete the application and account opening process. Offshore Pro Group is not a bank, financial institution or payment card issuer.